Two New York investors quietly buy multiple Union Square buildings

Two New York investors, Ian Jacobs and Max Raskin, have been steadily purchasing buildings in San Francisco’s Union Square area, according to the San Francisco Standard.

The duo began their acquisitions in 2023, at a time when Union Square was still struggling with the aftermath of the pandemic. Retail businesses had largely left the area, and issues such as theft and safety concerns were affecting foot traffic.

Jacobs, who has a background linked to the Reichmann real estate family and was inspired by a similar investment strategy in New York City during the 1970s, partnered with Raskin, a professor with expertise in law, politics, and cryptocurrency.

Together, they created an investment vehicle named Project Uris and have since spent tens of millions of dollars acquiring properties across five retail corridors in San Francisco.

Their efforts have resulted in a significant portfolio in the Union Square district, signaling a notable investment trend in the city’s retail real estate market.